You need to come up with a certain set of rules and you have to follow it each and everyday in order to be successful at Intraday trading. Every successful trader sticks to his trading rules. These rules are very important because they give the structure to your trading and helps you to decide what to do and what not to do.
If your goal is to make huge profits and avoid large losses, then you have to come up with good solid trading rules and you have to follow them consistently. If you don’t adhere to your rules, then that would be the biggest mistake of your trading career. You will incur huge losses and finally you would decide to quit the Intraday trading.
Sometimes, the trade may end up being a winner, when you don’t follow your rules. You would most likely breathe a sigh of relief when its over. But practically speaking, you shouldn’t be relieved. This error will cause you to fail faster in trading. It could be the biggest trading mistake you could have made.
If the trade, where you did not follow your rules works out, then you would more likely not follow your rules next time. Once again, this is the worst mistake you can make. This will affect your trading account and in no time, your trading account will become dry.
You may get tempted to not follow your rules just this one time. But you have to realize that there cant be a just this one time in Intraday trading. You have to follow your rules every time, without fail.
You will go through a phase in your trading career, where you will be tempted to not follow your rules just this one time. I cant caution you enough how big of a mistake this can be, especially if it works out and you make profit. Making money on this rule breaking trade could very well be the most expensive profit you ever make. Then it can easily reinforce you to not follow your rules next time.
You must learn to avoid the temptation and cultivate the habit of resisting the worst mistake you can make in the trading. If you succeed in this, then your trading will be much more profitable.
Make up your mind to follow your rules consistently. This is the only way to be a successful trader. If you decide to not follow your rules just this one time, then very soon you will become the part of 80-90% of traders who lose money in the Stock market. Don’t let there be a just this one time and don’t let yourself become a statistic. Always follow your rules.
Even if you take Intraday tips from the reputed stock advisory company and if you fail to adhere to your rules while placing the trade, then you are destined to fail in the Stock market . Intraday trading can only be fun, if you follow your rules consistently.